Resolution 17-06 - Laserfiche WebLink

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6. Execution. The Certificate shall be executed on behalf of the City by the manual �, signatures of its Mayor and Administrator/Clerk,the seal having been omitted as permitted by law. In the event of disability or resignation or other absence of either such officer,the Certificate may be signed by the signature of that officer who may act on behalf of such absent or disabled officer. In case either such officer whose signature shall appear on the Certificate shall cease to be such officer before the delivery of the Certificate, such signature shall nevertheless be valid and sufficient for all purposes,the same as if the officer had remained in office until delivery 7. Delivery; A�plication of Proceeds. The Certificate when so prepared and executed sha11 be delivered by the Administrator/Clerk to the Purchaser upon receipt of the purchase price and the Purchaser shall not be obliged to see to the proper application thereof. 8. Funds and Accounts. There is hereby created a special fund to be designated the "General Obligation Equipment Certificate, Series 2017A Fund" (the "Fund")to be administered and maintained by the Administrator/Clerk as a bookkeeping account separa,te and apart from all other funds maintained in the official financial records of the City. The Fund sha11 be maintained in the manner herein specified until the Certificate and the interest thereon have been fully paid. There shall be maintained in the Fund the following separate accounts: (a) Capital Account. To the Capital Account there shall be credited the proceeds of the sale of the Certificate. From the Capital Account there shall be paid all costs and expenses of the acquisition of the Equipment including a11 costs incurred and to be incurred of the kind authorized in Minnesota Sta.tutes, Section 475.65. The moneys in the Capital Account sha11 be �- used for no other purpose except as otherwise provided by law; provided that the proceeds of the Certificate may also be used to the extent necessary to pay interest on the Certificate due prior to the anticipated date of commencement of the collection of ta.xes herein levied. (b) Debt Service Account. There are hereby irrevocably appropriated and pledged to, and there sha11 be credited to,the Debt Service Account: (i) on or before to February 1,2018, $3,879.53 of available City funds for the debt service payments on February 1, 2018 (iii)any collections of all taxes heretofore,herein or hereafter levied for the payment of the Certificate and interest thereon; (vi) all funds remaining in the Capital Account after the payment of all costs of the Equipment; (v)all investment earnings on funds held in the Debt Service Account; and (vi)any and all other moneys which are properly available and are appropriated by the governing body of the City to the Debt Service Account. The Debt Service Account sha11 be used solely to pay the principal and interest of the Certificate and any other general obligation certificates of the City hereafter issued by the City and made payable from said account as provided by law. No portion of the proceeds of the Certificate shall be used directly or indirectly to acquire higher yielding investments or to replace funds which were used directly or indirectly to acquire higher yielding investments, except(1) for a reasonable temporary period until such proceeds are needed for the purpose for which the Certificate was issued and(2) in addition to the above in an amount not greater than the lesser of five percent of the proceeds of the Certificate or$100,000. To this efFect, any proceeds of the Certificate and any sums from time to time held in the Capital Account or Debt Service Account(or any other City account which will be used to pay principal �,,� or interest to become due on the certificates payable therefrom) in excess of amounts which 8 8126692v1